The Minister of State, Petroleum Resources, Senator Heineken Lokpobiri, Tuesday, said Nigeria will meet and surpass the 2024 crude oil budget benchmark of 1.7 million barrels per day (bpd).
Speaking at a Stakeholder’s Interactive Session on Creating Value and Enabling Investments in Nigeria’s Oil and Gas Sector, organised by Chevron Nigeria Plc, Lokpobiri said the country can increase crude oil production to 2 million bpd.
Expressing his commitment to fostering collaboration with stakeholders, to enhance the country’s oil and gas sector, amidst his ambitious target for the year 2024, the minister said, “The success of the upstream sector will determine the success of the midstream and the downstream, and as a government, we are willing to sustain that engagement with the stakeholders, so that in the year 2024 and beyond, we will together ensure that we produce not just the 1.7 million bpd that we need for our budget, but ensure that we produce what is needed to meet the local demand.”
He outlined the trajectory of sector growth, since the current administration took office, starting at about 1 million barrels per day, and steadily increasing to 1.4 million barrels per day.
He expressed his ambition to continue this upward trajectory, highlighting the government’s commitment to creating an enabling environment for stakeholders to thrive.
Lokpobiri reassured stakeholders that the government is working diligently to address the challenges facing the sector, and is committed to providing the best playing field for both International Oil Companies, (IOCs), and independents, to make the necessary investments.
The minister also highlighted ongoing efforts to rehabilitate refineries and ensure the functionality of modular refineries, to enhance the country’s refining capacity, meet local and regional demands, and thrive internationally.
